What Obama Told Us At West Point – Paul Craig Roberts

File this in the “must-read” category:

Instead of laughing our way through Obama’s ridiculous speech to what apparently was a dumbed-down West Point graduating class, lets pay attention to Obama’s bottom line: “America must always lead on the world stage. . . . The military is, and always will be, the backbone of that leadership.”

You should read that inset quote one more time and focus on the fact that Obama asserts that it is the duty of the U.S. to lead by force.  Then read the entire commentary here:  Obama’s West Point Speech

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3 thoughts on “What Obama Told Us At West Point – Paul Craig Roberts

  1. Excellent Article!

    President Barack Obama has described the growing influx of unaccompanied children migrating to the United States as an “urgent humanitarian situation”.

    Latest estimates say as many as 60,000 children, mostly from Central America and Mexico, will enter the US illegally this year.

    The White House has asked Congress for an extra $1.4bn (£836m) to cope with the situation.

    http://www.bbc.com/news/world-latin-america-27675226

    It amazes me how the US can spend billions on everyone else EXCEPT its own people!

  2. Ecuador agreed to transfer more than half its gold reserves to Goldman Sachs Group Inc. for three years to give the government easier access to cash.

    The central bank said it will send 466,000 ounces of gold to Goldman Sachs, worth about $580 million at current prices, and get the same amount back three years from now. In return, Ecuador will get “instruments of high security and liquidity” and expects to earn a profit of $16 million to $20 million over the term of the accord. The central bank didn’t detail additional terms of the transactions, such as any fees or financing costs paid to Goldman Sachs.

    The deal comes as the South American country’s government, which defaulted on about $3.2 billion of bonds five years ago, seeks to cover a budget deficit forecast by the Finance Ministry to swell to a record $4.94 billion this year. President Rafael Correa said in April he also planned to sell about $700 million of foreign debt this year in the country’s first international bond sale since the 2008 and 2009 default.

    “Gold that was not generating any returns in vaults, causing storage costs, now becomes a productive asset that will generate profits,” the central bank said in the statement. “These interventions in the gold market represent the beginning of a new and permanent strategy of active participation by the bank, through purchases, sales and financial operations, that will contribute to the creation of new financial investment opportunities.”

    http://www.bloomberg.com/news/2014-06-02/ecuador-sends-gold-reserves-to-goldman-sachs-in-liquidity-hunt.html

    Another big Wall Street bank is reporting some serious problems with its trading book, raising questions over just how bad things are getting for big financial institutions.

    Citigroup has joined the ranks of those with trading troubles, as a high-ranking official told the Deutsche Bank 2014 Global Financial Services Investor Conference Tuesday that adjusted trading revenue probably will decline 20 percent to 25 percent in the second quarter on an annualized basis.

    “People are uncertain,” Chief Financial Officer John Gerspach said of investor behavior, according to an account from the Wall Street Journal. “There just isn’t a lot of movement.”

    In recent weeks, officials at JPMorgan Chase and Barclays also both reported likely drops in trading revenue. JPMorgan said it expected a decline of 20 percent of the quarter, while Barclays anticipates a 41 percent drop, prompting it to announce mass layoffs that will pare 19,000 jobs by the end of 2016.

    http://www.cnbc.com/id/101710642

    Most economists expected 2014 to be a breakout year. A surge in new home construction was expected to instigate growth and jobs creation throughout the economy, even as inflation remained reasonably tame.

    So far the reverse appears to be happening.

    During the last year, consumer prices have risen 2%, which is nicely within the Fed’s target range, but in recent months, food and energy prices have increased sharply.

    Sales to China and poor growing conditions are making milk expensive and steak a special occasion luxury rather than a weekly staple on the family menu. Americans are buying more gasoline, and natural gas suppliers are finding new industrial customers and building out distribution to more homes, pushing up utility prices.

    More importantly, millions of Americans are jobless more than six months, and many adults apparently have left the labor market permanently. Others’ skills have rusted and are no longer marketable.

    So far, the housing takeoff has simply not taken off. Prices are rising, but new home construction remains well below pre-crisis levels and has disappointed forecasters so far this year.

    http://www.thestreet.com/story/12721306/1/inflation-heating-up-fed-should-raise-interest-rates-soon.html

    Bank of China Ltd.’s Frankfurt branch is hiring about 20 people and increasing equity by 1 billion yuan ($160 million) in a bid to become the first bank in the euro area to clear payments in the Chinese currency.

    http://www.bloomberg.com/news/2014-05-27/bank-of-china-hiring-20-in-frankfurt-in-yuan-clearing-bid.html

    China is creating jobs for us!!! YEAH!!!!!

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